Why Is Life Insurance Important for Small Business Owners?

Taking out a life insurance policy is one of the most important things you can do to protect your family if the unthinkable happens. This is especially true if you’re a small business owner. Let the Gill Agencies explain why you need life insurance in Rock Hill, SC, and Fort Mill, SC if you’re in business for yourself:

For starters, life insurance provides the means for the company to keep going after you’re gone. If you have business partners, your policy can provide them with the funding they need to buy the business after your passing. If a buy-sell agreement is included in the policy, there will be a set price for them to pay. It’s one way to ensure that your business is in the right people’s hands while also protecting your family.

Key person insurance is another component of life insurance policies for small business owners. If an employee who’s critical to the operation of your business passes away, this provision gives you monetary support to help you find a new employee to take their place.